here’s my take on the leading index (QQQ/NDX). we have a confluence of support not too far below which, at the very least, i expect the top of that support range to be hit before this pullback is complete. i’d also put very good odds that if prices break below the bottom of that range, the Q’s will continue lower to that 59.40ish area. first things first, of course, since we’d need to see the juggernaut known as AAPL to cooperate in order for this scenario to play out. keep in mind that the lower target on this scenario is very preliminary at this point and conditional on a break of that support zone although i do believe that the necessary ingredients are in place for such a large downside move to occur. however, it is still to early at this point to give that target any decent probability of being hit.
